Power transformer market to jump to $37 B by 2026
According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, Power Transformer Market is set to reach $37 B by 2026.
Growing investment toward expansion of transmission networks along with increasing deployment of renewable energy is positively influencing the deployment for these units.
100 MVA– 500 MVA transformer units will observe growth on account of their low installation cost, extensive demand across electric power, oil & gas and healthcare industries and compact size. Furthermore, rising installation of these units at electrical substations and generating stations to convert electrical power to high or low voltage for transmission will fuel the business dynamics.
Pole mounted transformers units will witness significant incorporation owing to faraway load centers across constrained grid accessibility. Compact size in line with easy deployment on single poles will boost the product penetration, thereby limiting the risk of harm to animals and minimizing vandalism. Pole mounted transformer market have gained industry penetration on account of their capability to service urban and rural commercial & residential loads.
Major participants operating across the power transformer market are ABB, Siemens, Schneider, General Electric, BHEL and Crompton Greaves etc.
The regions this reporst covers are: Asia Pacific, North America, Europe and Middle East and Africa.
Source: GM Insights